Trading
FX volumes ‘up one fifth’ in past year
LONDON – A surge in active currency management has driven up FX volumes by 20% in the past year, according to London-based research firm ClientKnowledge.
Reserve Bank of India calls for more disclosure
MUMBAI – Governor of the Reserve Bank of India, Yaga Venugopal Reddy, wants to see more corporates disclose their FX and derivatives disclosure.
Sterling/yen aids Informa
Informa Global Markets’ top three placing in each of the five rankings is due to its accuracy in sterling and yen, said Pete Luxton, global markets adviser at Informa Global Markets in London.
Egypt on a roll
Mehmet Simsek, emerging market economist at Merrill Lynch in London, reviews the factors behind further real medium-term strengthening and future appreciation of the Egyptian pound
Panelists advise Bush on China
HONG KONG – Panelists were put in the shoes of Jon Snow, US Treasury secretary, in the lively session chaired by Ray McKenzie, head of FX at the Chicago Mercantile Exchange.
Hong Kong to up ante on CNY services
HONG KONG – Chief executive of Hong Kong, Donald Tsang, said the city will take steps to increase the depth of yuan banking services available.
Asian central banks increase reserve management sophistication
HONG KONG – Asian central banks who have typically been long dollar are evolving with their reserve management, according to Claudio Piron, currency strategist at JP Morgan.
Rouble set to surge as restrictions relaxed
MOSCOW – Russia is likely to see a surge in rouble trading as restrictions are relaxed, according to market players.
Using a long straddle for EUR-USD participation
Armin Mekelburg, currency strategist at HVB in Munich recommends a way to take advantage of the strong swings in the eurodollar
China joins forex community
BEIJING – Large-scale FX trading is coming to the Chinese market, with EBS linking to three major state-owned banks in the country.
India’s CCIL adds more banks
MUMBAI – Indian FX settlement service the Clearing Corporation of India (CCIL) has gone live with seven client banks and plans to add a further five in the next two months, a senior official told FX Week .
JPMTS signs up CLS third party
BERLIN – JP Morgan Treasury Services has signed up ADM Derivatives as a CLS third-party client, as part of a solution the bank is offering, which includes a suite of multi-currency accounts.
Yen set ‘to play catch-up’ with economy
TOKYO – The relative weakness of the yen, despite the Japanese economy’s strength, is set to end shortly, according to market observers.
Simple is best
Simon Derrick, head of currency strategy at Bank of New York in London, says ‘simple is best’ when looking to increase exposure to sterling to take advantage of a continued widening of the interest rate differential
BNP cautions on the dollar
The dollar has gained support from expectations of further rate hikes by the Fed. But Ian Stannard, senior currency strategist at BNP Paribas in London, warns that risks lie ahead for the greenback.
Avian flu: a big risk?
Ashley Davies, FX strategist at UBS in Singapore, identifies the key stages of the spread of a disease, and identifies its impact on the currency markets
Rupee boosted by potential RBI intervention
MUMBAI – Comments from an official at India’s central bank have sparked speculation that it is set to intervene to protect its currency, providing a brief boost for the rupee last week.
FX Week comes to Asia
HONG KONG – This week sees the inaugural FX Week Asia conference in the Special Administrative Region at the Renaissance Harbour View Hotel.
Bloomberg enters FX options market
NEW YORK – Bloomberg is continuing to build up its portfolio of FX tools with the planned introduction of FX options trading.
IFX Group gets a boost from forex
LONDON – IFX Group, the City-based financial trading and spread betting company, expects to make in excess of £1.7 million in its interim results, after strong profit growth in its global FX trading operations.
Tietmeyer warns of global imbalances
LONDON – The increasing level of global imbalances is leading to greater risks for the global economy, according to Hans Tietmeyer, former president of the Deutsche Bundesbank.
Forex hits the wild east
ALMATY – The rapid expansion of the emerging market economies is forcing the development of local currency derivatives markets.
Oanda boosted by $17m stake from Index Venture
LONDON AND GENEVA – Venture capital firm Index Venture has bought a $17 million stake in global currency trading firm, Oanda.